By admin 
Australian Senator Gerard Rennick has drawn criticism from the Bitcoin neighborhood following his remarks referring to Bitcoin as a Ponzi scheme and questioning the asset’s worth as a result of it will probably’t be eaten.
“You possibly can’t eat Bitcoin,” Rennick said in a Might 23 X put up, responding to an X consumer who questioned his stance after Bitcoin hit a brand new all-time high of $111,970 on May 22.
Rennick says Bitcoin will go to $1 million however is a “Ponzi Scheme”
“Bitcoin will in the end go to $1 million {dollars}. Why as a result of it’s a Ponzi scheme whereby BlackRock will pump an increasing number of {dollars} right into a provide constrained product,” Rennick mentioned.
“What precisely will this product produce?” Rennick mentioned. He added that Bitcoin (BTC) will produce “completely nothing” and Australia “wants actual engineers not monetary engineers.”
Bitcoiners internationally had been fast to reply to Rennick’s feedback. The Australian Bitcoin Trade Physique (ABIB) said Rennick’s remarks about “Bitcoin reveal a deep misunderstanding.” The ABIB added:
“This issues, as a result of misunderstanding results in misrepresentation. And misrepresentation results in dangerous coverage.”
Unchained podcast host Laura Shin said, “You can also’t eat the web, so do you oppose that too?” Bitcoin Marathon group lead Jimmy Kostro said, “That is undoubtedly going to age nicely. Please enlighten us with extra of your deep and nuanced understanding of Bitcoin.”
Rennick responded to the criticism and mentioned he doesn’t “want to clarify something.”
“It’s pathetic how the Bitcoin neighborhood wants reassurance from a politician – the very individuals they declare they need to be free from,” Rennick mentioned.
The Bitcoin neighborhood has regularly spoken out when outstanding people have expressed anti-Bitcoin views.
Associated: Bitcoin inflows projected to reach $420B in 2026 — Bitwise
Only some weeks in the past, Arizona Governor Katie Hobbs skilled backlash from the Bitcoin neighborhood after her choice to veto a invoice that might have allowed the state to carry Bitcoin as part of its official reserves.
Casa co-founder and cypherpunk Jameson Lopp mentioned, “It will age poorly.” In the meantime, Bitcoin entrepreneur Anthony Pompliano said, “Think about the ignorance of a politician to consider they will make funding choices.” Crypto lawyer Andrew Gordon said, “We’d like extra elected officers who perceive that Bitcoin and crypto are the longer term.”
The Bitcoin neighborhood additionally pushed again when the US government decided to switch $1.9 billion of Bitcoin to Coinbase in December 2024.
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